The jackpot for the Powerball draw on Wed Mar 12, 2025, is projected to be $353 Million, with an option for a cash payout of $165.7 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For New York residents, the state will deduct 8.82% from your lottery earnings.
| New York Powerball Jackpot/Cash Option for Wed Mar 12, 2025 |
|---|
| Draw Date | Wed Mar 12, 2025 | | Projected Jackpot | $353,000,000 | | Cash Value | $165,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $165,700,000 | | Federal Tax(24%) | $39,768,000 | | Additional Federal Tax | $21,501,330 | | State Tax(8.82%) | $14,614,740 | | Net Lumpsum Payment | $89,815,930 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,313,003 |
$1,926,141
$468,607 |
$2,918,255 |
| 2 |
$5,578,812 |
$2,024,491
$492,051 |
$3,062,270 |
| 3 |
$5,857,682 |
$2,127,673
$516,648 |
$3,213,361 |
| 4 |
$6,150,672 |
$2,236,079
$542,489 |
$3,372,104 |
| 5 |
$6,458,135 |
$2,349,840
$569,608 |
$3,538,687 |
| 6 |
$6,781,130 |
$2,469,348
$598,096 |
$3,713,686 |
| 7 |
$7,120,010 |
$2,594,734
$627,985 |
$3,897,291 |
| 8 |
$7,476,187 |
$2,726,520
$659,400 |
$4,090,267 |
| 9 |
$7,850,014 |
$2,864,836
$692,371 |
$4,292,807 |
| 10 |
$8,242,550 |
$3,010,074
$726,993 |
$4,505,483 |
| 11 |
$8,654,501 |
$3,162,496
$763,327 |
$4,728,678 |
| 12 |
$9,087,279 |
$3,322,624
$801,498 |
$4,963,157 |
| 13 |
$9,541,590 |
$3,490,719
$841,568 |
$5,209,303 |
| 14 |
$10,018,846 |
$3,667,303
$883,662 |
$5,467,881 |
| 15 |
$10,519,753 |
$3,852,639
$927,842 |
$5,739,272 |
| 16 |
$11,045,723 |
$4,047,248
$974,233 |
$6,024,242 |
| 17 |
$11,597,815 |
$4,251,522
$1,022,927 |
$6,323,366 |
| 18 |
$12,177,794 |
$4,466,114
$1,074,081 |
$6,637,599 |
| 19 |
$12,786,719 |
$4,691,416
$1,127,789 |
$6,967,514 |
| 20 |
$13,426,002 |
$4,927,951
$1,184,173 |
$7,313,878 |
| 21 |
$14,097,408 |
$5,176,371
$1,243,391 |
$7,677,646 |
| 22 |
$14,802,349 |
$5,437,200
$1,305,567 |
$8,059,582 |
| 23 |
$15,542,237 |
$5,710,958
$1,370,825 |
$8,460,454 |
| 24 |
$16,319,543 |
$5,998,561
$1,439,384 |
$8,881,598 |
| 25 |
$17,135,326 |
$6,300,401
$1,511,336 |
$9,323,589 |
| 26 |
$17,992,410 |
$6,617,522
$1,586,931 |
$9,787,957 |
| 27 |
$18,891,854 |
$6,950,316
$1,666,262 |
$10,275,276 |
| 28 |
$19,836,482 |
$7,299,829
$1,749,578 |
$10,787,075 |
| 29 |
$20,828,412 |
$7,666,843
$1,837,066 |
$11,324,503 |
| 30 |
$21,869,762 |
$8,052,142
$1,928,913 |
$11,888,707 |
|
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